This board has been accurate for all of 2018. Last week did not go down the way people expected. More to come??
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The second part of my package, the conditional part was more than a few weeks, it was 3 months and I was a director not a VP. It may have been expressed as 12 weeks but that is more than a few weeks.
I know of two people laid off last week. A VP that was there for 14 years and an assistant that was there for 10 years. Both received the two part package with 6 months severance. 6 months (with no conditions and your health benefit) is the cap if you have been there 10 years or more. The second part was severance for a few more weeks if they did not find a job (no health insurance but you could pay for Cobra).
11 years 9 months
Also someone laid off in my group had been there over 15 years and got the two part package taking them to about 10 months.
A lot of misinformation on what the packages look like.
Incorrect
I was there almost 8 years and was at the Director level and go the two part package which took me out to November. I had unconditional severance from May to September and then conditional until December. I had the separation agreement reviewed by a lawyer who called it "unusually pro-employee and generous".
Just make it to 9/30 ..take and burn days to make it .so you are locked in the bonus.
packages:
NOT everyone gets the two part package
Upper level titles get the 2 part package.The higher your tittle the better it is.
Upper level managers beyond director that have a long time get nice package.
BUT time in the company plays a big deal also.
A combination of tittle and time gets you the best package.
The maximum even for people with 15 years is 6 months and no 2 part packages.
If you been there 20 years and regular worker ...6 months package.
Some people that are old in age and low skill could argue retraining and elongate package.
If you been there 2 years or 8 you are out of luck.you will NOT get 6 months .
Bronwen O’Keefe & Lee Ann Larsen out. More coming?
No, that's not true about severance. There are two parts to severance, the first part is without condition, meaning you just get severance from x date to x date with benefits. The second part is conditional, you will continue to get severance from x date to x date without benefits (you can opt in to COBRA) if you still don't have a job OR they will make up the difference if you have a job or consulting gig that pays less. If you get a full time job or consulting job during that conditional period you are supposed to notify them in writing, if you have a job and do not notify them in writing during the conditional period, I suspect they could make you pay them back for that.
Is it true that any severance must be paid back if new employment is obtained within 6 mos or a year from termination?
They have definitely moved to a different style of layoff which I suspect is to keep morale from completely tanking. Perhaps they think that If there are less huge moves like the one in May, people won't be so jittery. I believe there is a future for Viacom but it will look very different than it has in the past and a lot of roles will change or be eliminated. Everyone just has to decide for themselves if the new Viacom is something they are interested in being a part of.
They’re laying off people by telling them when their last day will be in advance. I know 3 people from my department who will leave on Friday (year end). They found out 2 weeks ago. Also the news in an earlier thread about the two EVPs leaving was true, as we can see in the email we received today.